REG - Vaalco Energy Inc - QUARTERLY DIVIDEND

VAALCO EnergyAnnouncement

26/02/2024 07:00

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RNS Number : 3526E  Vaalco Energy Inc  26 February 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

 

 

VAALCO ENERGY, INC. DECLARES QUARTERLY DIVIDEND

 

 

HOUSTON - February 26, 2024 - VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY)
("VAALCO" or the "Company") declared its quarterly cash dividend of $0.0625
per share of common stock for the first quarter of 2024 ($0.25 annualized),
which is payable on March 28, 2024, to stockholders of record at the close of
business on March 8, 2024. Future declarations of quarterly dividends and the
establishment of future record and payment dates are subject to approval by
the Board of Directors.

 

George Maxwell, VAALCO's Chief Executive Officer, commented, "Our ongoing
focus on operational excellence and enhancing the productivity of our diverse
asset base has allowed us to continue returning cash to our shareholders
through a dividend. We paid $0.13 per share in 2022, $0.25 per share in 2023
and with this declaration, we are on track to deliver another $0.25 per share
in 2024. While we are returning meaningful cash flow to our shareholders
through dividends and share buybacks, we continue to grow our cash position
and had over $120 million in cash on hand at December 31, 2023. We are excited
about the future and the ability of our premier assets to generate strong
operational and financial results allowing us to successfully execute on our
strategic vision."

 

About VAALCO

 

VAALCO, founded in 1985 and incorporated under the laws of Delaware, is a
Houston, Texas, USA based, independent energy company with production,
development and exploration assets in Africa and Canada.

 

VAALCO owns a diverse portfolio of operated production, development and
exploration assets across Gabon, Egypt, Equatorial Guinea and Canada.

 

For Further Information

 VAALCO Energy, Inc. (General and Investor Enquiries)  +00 1 713 623 0801
 Website:                                              www.vaalco.com (http://www.vaalco.com)

 Al Petrie Advisors (US Investor Relations)            +00 1 713 543 3422
 Al Petrie / Chris Delange

 Buchanan (UK Financial PR)                            +44 (0) 207 466 5000
 Ben Romney / Barry Archer                             VAALCO@buchanan.uk.com

 

Forward Looking Statements

 

This press release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended (the "Securities Act")
and Section 21E of the Securities Exchange Act of 1934, as amended, which are
intended to be covered by the safe harbors created by those laws and other
applicable laws and "forward-looking information" within the meaning of
applicable Canadian securities laws. Where a forward-looking statement
expresses or implies an expectation or belief as to future events or results,
such expectation or belief is expressed in good faith and believed to have a
reasonable basis. All statements other than statements of historical fact may
be forward-looking statements. The words "anticipate," "believe," "estimate,"
"expect," "intend," "forecast," "outlook," "aim," "target," "will," "could,"
"should," "may," "likely," "plan" and "probably" or similar words may identify
forward-looking statements, but the absence of these words does not mean that
a statement is not forward-looking. Forward-looking statements in this press
release include, but are not limited to, statements relating to) expectations
of future dividends, buybacks and other potential returns to stockholders.
Such forward-looking statements are subject to risks, uncertainties and other
factors, which could cause actual results to differ materially from future
results expressed, projected or implied by the forward-looking statements.
These risks and uncertainties include, but are not limited to the risks
described under the caption "Risk Factors" in VAALCO's 2022 Annual Report on
Form 10-K filed with the SEC on April 6, 2023.

 

Dividends beyond the first quarter of 2024 have not yet been approved or
declared by the Board of Directors. The declaration and payment of future
dividends and the terms of share buybacks remains at the discretion of the
Board of Directors and will be determined based on VAALCO's financial results,
balance sheet strength, cash and liquidity requirements, future prospects,
crude oil and natural gas prices, and other factors deemed relevant by the
Board of Directors. The Board of Directors reserves all powers related to the
declaration and payment of dividends and the terms of share buybacks.
Consequently, in determining the dividend to be declared and paid on VAALCO
common stock or the terms of share buybacks, the Board of Directors may revise
or terminate the payment level or buyback terms at any time without prior
notice.

Inside Information

 

This announcement contains inside information as defined in Regulation (EU)
No. 596/2014 on market abuse which is part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ("MAR") and is made in accordance with
the Company's obligations under article 17 of MAR. The person responsible for
arranging the release of this announcement on behalf of VAALCO is Matthew
Powers, Corporate Secretary of VAALCO.

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